By Kiku Steinfeld
Chicago, Sept. 13 – Barclays Bank plc priced $5.64 million of phoenix autocallable notes due Aug. 30, 2023 linked to the performance of Tesla, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13% if the stock closes at or above its 50% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if the stock closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the stock finishes at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline in stock price from initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | Tesla, Inc.
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| Amount: | $5.64 million
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| Maturity: | Aug. 30, 2023
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| Coupon: | 13% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless underlying stock finishes below final barrier, in which case full exposure to loss of stock
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| Call: | At par plus contingent coupon if underlying stock closes at or above initial level on any quarterly call observation date after six months
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| Initial level: | $711.20
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| Coupon barrier: | $355.60; 50% of initial level
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| Final barrier: | $355.60; 50% of initial level
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | Barclays
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| Fees: | 1.95%
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| Cusip: | 06748WDG5
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